USTB — Superstate
Type: Factsheet — Collateral Asset | Squad: Usual | Status: Draft | Stream: BD Last updated: 2026-02-16
Executive Summary
USTB is a tokenized short-duration US government securities fund managed by Superstate. Fund shares are issued as on-chain tokens on Ethereum, Solana, and Plume, or held in book-entry form. The fund is structured as a series of the Superstate Asset Trust, a bankruptcy-remote Delaware Statutory Trust, offered exclusively to Qualified Purchasers under Reg D 506(c). Custody is provided by The Bank of New York Mellon.
USTB employs a Continuous NAV per share (NAV/S) model that updates every second, 24/7. Purchases and redemptions are priced at the Continuous NAV/S at the time of the transaction, enabling near-instantaneous pricing. Within the Usual Protocol ecosystem, USTB serves as part of the collateral backing for USD0a (Alpha USD0) and the Superstate vault (via Lagoon). USTB is not a direct collateral asset for USD0.
Key Facts
Full name
Superstate Short Duration U.S. Government Securities Fund
Token / Ticker
USTB
Legal structure
Series of Superstate Asset Trust (Delaware Statutory Trust, bankruptcy-remote)
Fund exemption
Private fund exempt under Section 3(c)(7); offered under Reg D 506(c)
Eligibility
Qualified Purchasers only; on-chain transfers restricted to allowlisted wallets
Base currency
USD
Chains
Ethereum, Solana, Plume; or book-entry
Valuation
Continuous NAV/S (updates every second, 24/7)
Market day
Each day both NYSE and FRB Philadelphia are open, from 9:00 AM ET to 8:59 AM ET the next day
Custody
The Bank of New York Mellon
Usual Protocol role
Part of USD0a collateral (~10% USTB + USDC buffer); Superstate vault (via Lagoon). Not USD0 collateral.
Investment Mandate & Portfolio
Universe: Short-duration US government securities, including US Treasury Bills, US agency securities, and repos secured by government/agency collateral.
Objective: Capital preservation with yield from short-duration government instruments.
Accrual model: Interest accrues into NAV (no coupons distributed). NAV/S rises continuously.
Subscriptions / Redemptions (Primary)
Purchasing USTB
Payment methods
USD (wire), USDC (Ethereum), USDC (Solana)
Pricing
Continuous NAV/S at the time funds are received
Minimum
$100,000 initial (may be waived)
Redeeming USTB
Method
Send tokens to redemption address or call offchainRedeem() on Ethereum
Payout
USD (bank), USDC (Ethereum), USDC (Solana)
Pricing
Continuous NAV/S at the time shares are received
Minimum
No minimum
Fees
Management fee
Up to 15 bps (accrues daily, reflected in NAV); only charged after fund reaches $200M NAV
Fee schedule
<$25M: 0.15%; >$25M: 0.15% on first $25M + 0.05% above $25M
Subscription / Redemption fee
None
Addresses & Oracles
Ethereum mainnet:
For Solana and Plume token addresses, refer to the official Superstate deployments page: https://docs.superstate.com/introduction-to-superstate/smart-contracts
Key Risks (Summary)
Interest-rate risk: Even with ultra-short duration, the value of T-Bill and agency holdings changes with rate movements. Losses are possible in rapid-tightening environments.
Liquidity / operational risk: Primary flows depend on banking rails, USDC processing, and on-chain operations.
Eligibility / transfer risk: Access limited to Qualified Purchasers. On-chain transfers restricted to allowlisted addresses.
Counterparty risk: Reliance on The Bank of New York Mellon for custody, NAV agent for pricing, Chainlink and the Continuous Price Oracle for on-chain valuation, and key management infrastructure.
Continuous NAV model risk: The second-by-second pricing model introduces dependency on the oracle infrastructure for real-time accuracy.
Quick Links
USTB -- Overview: https://docs.superstate.com/superstate-funds/ustb
Income, Fees & Yield: https://docs.superstate.com/superstate-funds/ustb/income-fees-and-yield
Purchasing USTB: https://docs.superstate.com/superstate-funds/ustb/purchasing-ustb
Redeeming USTB: https://docs.superstate.com/superstate-funds/ustb/redeeming-ustb
Smart Contracts: https://docs.superstate.com/introduction-to-superstate/smart-contracts
Security: https://docs.superstate.com/introduction-to-superstate/security
Disclaimer
This factsheet is informational and does not constitute investment advice or an offer/solicitation. USTB is available only to Qualified Purchasers who complete onboarding and meet all eligibility requirements. Always rely on the Offering Documents and the Investor Portal as the source of truth.
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